June 23, 2026

West Physics, an LNC Partners Portfolio Company, is Recapitalized by Incline Equity Partners

Arlington, VA - June 23, 2026. LNC Partners ("LNC"), a middle-market focused private equity firm, is pleased to announce the recapitalization of its portfolio company West Physics ("Company"), a provider of medical and health physics testing and consulting services. Incline Equity Partners ("Incline"), a leading private equity firm dedicated to investing across the middle market, partnered with West Physics in the transaction. LNC Partners III - SBIC, L.P. made an investment in the Company in support of Incline's transaction.

West Physics is a market leader in accreditation and testing services for medical imaging equipment such as MRI, CT and X-ray. The Company's offerings also include radiation therapy physics services and industrial radiation protection consulting. Through a nationwide network of physicists and field-based technical personnel, West Physics helps healthcare facilities and other users of radioactive material maintain compliance, accreditation and radiation safety standards.

Following LNC's initial investment in West Physics in May 2018, the Company expanded through organic growth initiatives, including service line expansions, as well as acquisitions. These efforts helped West Physics grow revenue by more than 3.7x during LNC's investment period and further strengthened its position as a scaled provider in a highly fragmented industry.

Dr. Geoff West, Founder and CEO of West Physics, noted: "LNC has been a valuable partner to West Physics, providing strategic support and flexible capital that helped us expand our capabilities, grow our team, and continue delivering exceptional service and trusted expertise to our customers. We are grateful for LNC's support and look forward to continuing our growth with both Incline and LNC as partners."

"We are proud of the success achieved by West Physics since our initial investment," said Kevin Cunningham, Partner at LNC Partners. "West Physics reflects LNC's ability to support high-quality, founder-led B2B and professional services businesses as they scale."

LNC Partners' investment in West Physics was led by Kevin Cunningham, Partner, and supported by Robert Monk, Managing Partner; David Schmoeller, Principal; and Charlie Grube, Associate.

West Physics' advisors on the transaction included Raymond James (financial) and Holland & Knight (legal).

About LNC PartnersSince 2012, LNC has managed over $1 billion of capital across a family of investment funds focused on supporting the growth of lower middle market businesses. Often the first institutional capital partner to founder-led companies, LNC provides customized capital solutions and strategic support across control and minority equity investments (as well as debt), while maintaining a disciplined focus on sectors with stable demand drivers and sustainable profitability. More information on LNC Partners can be found at https://www.LNC-Partners.com.

About West Physics
West Physics is a provider of medical and health physics testing and consulting services headquartered in Atlanta, GA. The Company provides accreditation and testing services for medical imaging equipment such as MRI, CT and X-Ray, as well as radiation therapy physics services and industrial radiation protection consulting.